IFRS vs. GAAP: Key Differences in Accounting Standards Explained

Discover the key differences between IFRS and GAAP accounting standards, and learn how they impact financial reporting for ...
Crain's Chicago Business

The Financial Reporting Framework for Small- and Medium-Sized Entities: The GAAP Alternative for the Back Bone of America

As a banking professional, you’ve undoubtedly noticed that accounting principles generally accepted in the United States of America (US GAAP) has become increasingly complex in recent years, ...
Investment U

What are Generally Accepted Accounting Principles (GAAP)?

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...
Accounting Today

GASB finds widespread use of GAAP in states and localities

The Governmental Accounting Standards Board released a study Monday on utilization of GAAP among state and local governments and found all the states are using GAAP, but only about three-quarters of ...
JournalofAccountancy

FASB seeks input on new chapter of conceptual framework

FASB on Thursday issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. If finalized by FASB, the proposed chapter, Chapter 6 ...
Accounting Today

FASB supplements conceptual framework with recognition and derecognition info

The Financial Accounting Standards Board released another chapter Wednesday of its conceptual framework related to the recognition and derecognition of an item in financial statements. Chapter 5 of ...
JournalofAccountancy

FASB seeks input on proposed new chapter of conceptual framework

FASB has issued a proposed new chapter for its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual ...